Helping a friend build her credit.

Her score on CreditKarma was 605. Tried doing the free annual credit report, but she's gonna have to call them as the system glitched on her.

She has 6 collections accounts. She has 2 cards showing on her report $550 limit with $0 balance, $100 limit with $0 balance, but has no idea who they are with but they are from 2002. Also has 2 accounts showing late within last 4 years..

Was trying to find a non-secured card for her to garden to help her re-establish a postive credit history. Any suggestions of what she should do?

Re: Helping a friend build her credit.

With a 605 score she has a very limited pool of lenders to choose from. She might want to app for a Cap1 Classic Platinum (The one with the $39 AF.) If she is not approved or denied, they sometimes come back with a $99/$500 offer. That's where she must put down a $99 deposit to get a card with a $500 CL. (Make sure she has the $99 in the bank and her check book ready when she apps for this card.)

If she is denied for the Cap1 card her only other option is to get a secured card. Cap1's secured cards are also pretty good to get her back into the credit world.

I would definitely keep far away from apping for First Premier or Care 1. They will actually hurt her credit in the long run.

Re: Helping a friend build her credit.

Ok; first things first she should definately pull her real reports with the bureaus and make sure that she recognizes the names and addresses listed on the report. Also see if she recognizes the accounts. If she does not then she may have been a victim of identity theft. If she does; then get her involved here in the rebuilding forum to take care of the negative information. The credit lines that are open; she will be able to contact them once she has her credit reports in hand. She can then make sure they are legit if they are then she can get replacement cards sent to her. Those are fine to use while rebuilding if they are in fact hers... Seems like she needs to get some things figures out before shes able to determine the appropriate course of.action..

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